We had a consolidation day for the most part yesterday. US indices were stuck in a daily range as they lacked follow-through intraday as they had no clear movement, European indices both closed the day negative as the Dax was worse off declining and closing the day out just shy of 15500. The European indices were more positive this morning as both recovered some of yesterday’s losses as Dax and FTSE bounced back during the Asian session before the European open.

Gold and Silver both remained in a range despite the aggressive bullish move that we got during the US Open that lacked follow-through. Brent had another good day as it made a daily high just shy of $75.50 before closing the day out on $74.74.

Cryptocurrencies followed suit as both Ethereum and Bitcoin recovered during the course of the day following Tuesday’s bullish move.

Before the European open there’s some Japanese Yen and New Zealand Dollar strength in the markets as they are the strongest currencies during the Asian session while the US Dollar and Swiss Franc are the weakest currencies.

The big market mover for the day should be the Pound and FTSE monetary Policy Decisions are set to take place today, it shouldn’t have as high an impact as what we had with FOMC last week as the UK inflation is still somewhat under control under the current economic environment. They might follow the Fed’s lead as the US government was the first to do an adjusted expected interest rate hike due over the coming two years.

Thursday (SAST)
1:00 pm - Asset Purchase Facility (GBP)
- MPC Asset Purchase Facility Votes (GBP)
- Monetary Policy Summary (GBP)
2:30 pm - Final GBP q/q (USD)
- Unemployment Claims (USD)